Data breach costs will soar to $2T: Juniper

May 15, 2015

HAMPSHIRE, U.K. (5/15/15)--In less than five years, the annual cost of data breaches at the global level will skyrocket to $2.1 trillion, according to recent data from Juniper Research, a U.K.-based market analysis firm.

Driven by the rapid digitization of consumerism, in 2019, data breaches will cost four-times that of the estimated cost for 2015.

Further, despite the emergence of more sophisticated methods used by cybercriminals to target mobile devices, the report found that traditional computing devices will continue to see the highest rate of attack.

“Currently, we aren’t seeing much dangerous mobile or Internet of Things (IoT) malware because it’s not profitable,” said James Moar, the report’s author. “The kind of threats we will see on these devices will be either ransomware, with consumers’ devices locked down until they pay the hackers to use their devices, or as part of botnets, where processing power is harnessed as part of a more lucrative hack. With the absence of a direct payout from IoT hacks, there is little motive for criminals to develop the required tools.”

The report, called “The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation,” also discusses how professional cybercrime continues to grow, especially with the proliferation of cybercrime products such as malware creation software.

Casual hackers, on the other hand, have been on the decline over the past year.

Additional findings from the report:

Nearly 60% of anticipated data breaches in 2015 will occur in North America, but as other countries across the globe continue to develop that share will drop; and

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